Wednesday, March 22, 2006

Mortgage applications down 13.8%; rates also drop

According to the Mortgage Banker's Association, applications for mortgages dropped 1.6 percent this week versus last week. Compared to last year at this time; however, mortgage applications are down a whopping 13.8%. However, mortgage rates also dropped. The 30-year fixed mortgage rate went from 6.42 to 6.31%.

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